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Insurance Options

We'll help you protect what matters through a range of insurance options so you can make the right decision based on your insurance needs. We offer Automatic Insurance cover6 – that means no medicals. And your premiums are paid from your super rather than your savings today.

Protect yourself and your loved ones

You’ll be covered with our automatic Death & Total and Permanent Disability insurance

Make sure you’re covered. We offer pre-approved Death & Total and Permanent Disablement (TPD) Insurance7 to Aussie residents aged 15-64. When you join Virgin Money Super, Automatic Death & TPD Insurance cover will be added to your account. Take a look at the chart below to see how Virgin Money Super can help you to protect your future.

Type of cover: Death and TPD

Age next birthday

Cover provided

Weekly premium

16-20

$90,400

$0.86

21-25

$162,600

$1.72

26-30

$243,000

$2.58

31-40

$270,400

$3.44

41-45

$176,000

$4.30

46-50

$67,600

$3.44

51-55

$34,200

$2.58

56-60

$15,600

$2.58

61-65

$14,100

$2.58

Type of cover: Death only

Age next birthday

Cover provided

Weekly premium

16-20

$90,400

$0.52

21-25

$162,600

$1.04

26-30

$243,000

$1.56

31-40

$270,400

$2.08

41-45

$176,000

$2.60

46-50

$67,600

$2.08

51-55

$34,200

$1.56

56-60

$15,600

$1.56

61-65

$14,100

$1.56

Calculating the insurance fee

The cost of insurance is made up of two elements, a flat fee of $1.50 per month (retained by the fund to cover the cost of providing insurance to members) and a monthly premium payable to the Insurer. The monthly premium is based on the type of cover, number of units and your age. For more info, refer to our Insurance Guide.

Age next birthday

Type of automatic insurance cover6

Annual premium

Annual cost recovery fee

Annual insurance fee

A

B

C = A+B

30

Death and TPD

($2.58/week x 52) = $134.16

$1.5 x 12 = $18.00

$152.16

30

Death only

($1.56/week x 52) = $81.12

$1.5 x 12 = $18.00

$99.12

40

Death and TPD

($3.44/week x 52) = $178.88

$1.5 x 12 = $18.00

$196.88

40

Death only

($2.08/week x 52) = $108.16

$1.5 x 12 = $18.00

$126.16

Don’t need our automatic insurance cover6?

You can opt out of automatic insurance cover6 at any time, if you don’t think you need it. All you need to do is login to your online account and head to the 'Insurance' section to update your automatic insurance preferences. Alternatively, you can call our Customer Care team on 1300 652 770.

For more details on how your cover and premium is calculated and any applicable exclusions, please refer to section 3 of the Insurance Guide.

Choose the right level of insurance cover to protect what matters to you.

Need more insurance? No problem, Virgin Money Super has a range of insurance options you can tailor to suit you.

There are three types of insurance cover to choose from. Choose one or a combination. You can even apply for income protection cover along with your automatic insurance cover6. Below is a summary of the type and level of cover you can choose to suit your insurance needs.

Insurance type

Age and employment eligibility

Maximum cover

Death cover* (including terminal illness cover)

If you're aged from 15 to 64 (inclusive).

$5,000,000 lump sum

Total Permanent Disablement^

If you’re aged from 15 to 64 (inclusive). And working either full time or at least 15 hours per week part time.

$2,000,000 lump sum (provided you do not intend to lodge a claim for terminal illness benefit).

Income protection+

If you’re aged from 15 to 64 (inclusive). And working either full time or at least 15 hours per week part time.

$30,000 per month or 75% of monthly salary (whichever is the lesser amount)

Insurance type definitions

*Provides a lump sum cash payment when you die or you’re diagnosed with a terminal illness, meaning you’ll die within 12 months. We recommend if you haven’t done so already, that you inform us of your nomination beneficiaries for your super fund.

^Provides a lump sum cash payment if you’re permanently unable to work due to illness or injury. It’s important to know that you can only take up TPD with death cover (i.e. not on a standalone basis).

+If you’re unable to work after a 90-day period due to temporary illness or injury, income protection insurance pays up to 75% of your salary, in monthly benefits.

It is important to note tailored insurance cover is subject to acceptance by the Insurer, OnePath Life Limited, and to the terms and conditions of the insurance policies issued by the insurer to the Trustee. Eligible Virgin Money Super members can apply for tailored insurance cover and/or add income protection, by completing the tailored insurance application form.

If you’re an existing customer and hold Tailored Death only or Tailored Death and Total and Permanent Disability cover, you can apply to increase your cover by up to 25% to a maximum of $250,000 once in any 12 month period for any one specific life event without being underwritten. Specific life events include:

Marriage

Divorce

Your child starting secondary school

Taking a mortgage

Having a child

Completing an apprenticeship

You can increase your cover to a maximum of 3 times under the life events cover. Please refer to the Insurance Guide for full details and conditions.

How to cancel tailored insurance

If you decide your insurance needs have shifted and you no longer want tailored insurance, it’s easy to make changes. To cancel all or part of your tailored insurance, just log into your online account and head to the ‘Insurance’ tab or call our Customer Care team on 1300 652 770.

Find out how income protection insurance through a Virgin Money Super account helped one of our customers8

One of our customers, aged between 45-55, suffered from a heart condition impacting their working capacity. They lodged a claim in February 2015 and an income protection benefits of over $3,000 was paid each month from May 2015 to assist the customer through a difficult time. The monthly benefit was paid until July 2015 when they were able to successfully return to work.

Managing your insurance through Virgin Money Super is easy

You can manage your insurance easily through your online account. That includes opting out of automatic insurance cover6 or accessing forms to apply for tailored insurance.

Quick Links

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. Please consider your own personal financial circumstances and consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before taking any action in relation to your superannuation, making a contribution, or asking your employer to contribute to Virgin Money Super for you. You should consider the suitability of superannuation and Virgin Money Super’s Product Disclosure Statement before making a decision on your superannuation investments, making a contribution, or asking your employer to contribute to Virgin Money Super for you. For further information about the insurance options refer to the Insurance Guide.

The Superannuation Fees described on the Fees page apply from 12 December 2016. Here you’ll find the official SIS Act definitions for each fee type.

While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees. You should consider the relevant Product Disclosure Statement. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Money Super fits your objectives, financial situation and needs. If you are considering making voluntary contributions into your Virgin Money Super account, you should consider your personal circumstances, the impact of such contributions to your contribution caps, as well as associated taxation issues before making any decision on making voluntary contributions. Concessional tax rates do not apply on contributions which exceed government contribution limits. See the ‘How Super is Taxed’ section of the Virgin Money Super Product Guide and the contribution fact sheet on our website for more information about contribution types and limits.

It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund.

Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 (Virgin Money) provides and operates Virgin Money's Super Engagement Program. To earn and redeem Velocity Points, you must be a Velocity member. Velocity Frequent Flyer issues Velocity Points on instruction from Virgin Money. Velocity is not responsible for the material in this document and does not hold an AFSL. Velocity membership and Points earn and redemption are subject to the Member Terms and Conditions, available at www.velocityfrequentflyer.com, as amended from time to time. Virgin Money reserves the right to change or withdraw Virgin Money’s Super Engagement Program at any time in line with the Terms & Conditions.

For Employers

The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO. As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.

QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.

SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.

The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2017-2018 Financial Year.

Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 30 September 2018. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.

The median results are provided by SuperRatings and are current as at 30 September 2018 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.

Eligibility criteria and fees apply. Aged 15-64 Death and Total and Permanent Disability cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.

The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.

Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 (Virgin Money) provides and operates Virgin Money's Super Engagement Program. To earn and redeem Velocity Points, you must be a Velocity member. Velocity Frequent Flyer issues Velocity Points on instruction from Virgin Money. Velocity is not responsible for the material in this document and does not hold an AFSL. Velocity membership and Points earn and redemption are subject to the Member Terms and Conditions, available at www.velocityfrequentflyer.com, as amended from time to time. Virgin Money reserves the right to change or withdraw Virgin Money’s Super Engagement Program at any time in line with the Terms & Conditions.

Velocity Points are available to new and existing Virgin Money Super customers. 1 Velocity Frequent Flyer Point will be awarded for every $5 of Net Super contribution during the Points Earn Period. The maximum number of Velocity Points you may earn in respect of any financial year is 250,000 Velocity Points. The number of Velocity Points Virgin Money will allocate to you for a Points Earn Period is based on the net contributions in your Virgin Money Super account during that period. Points are allocated to your account approximately 3½ months after the Points Period end. See Virgin Money’s Super Engagement Program Page for more details. To be eligible to earn Velocity Points for a given Points Earn Period, you must be a member of Virgin Money Super on the relevant Points Issue Date, you must have updated your Virgin Money Super account with your Velocity membership number, name and surname before the last business day of the relevant Points Earn Period; you must have had a superannuation guarantee contribution or a voluntary contribution received into your Virgin Money Super account during the relevant Points Earn Period and you must be an individual who is an Australian permanent resident or citizen and you must be an active member of Velocity Frequent Flyer. You must not have made a rollover out of your Virgin Money Super account in the 18 months before the relevant Points Issue Date.

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees. You should consider our Product Disclosure Statement. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Money Super fits your objectives, financial situation and needs. If you are considering making voluntary contributions into your Virgin Money Super account, you should consider your personal circumstances, the impact of such contributions to your contribution caps, as well as associated taxation issues before making any decision on making voluntary contributions. Concessional tax rates do not apply on contributions which exceed government contribution limits. See the ‘How Super is Taxed’ section of the Virgin Money Super Product Guide and the contribution fact sheet on our website for more information about contribution types and limits.